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VANCOUVER, British Columbia - Taseko Mines (NYSE:TGB) Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) announced its annual financial results, reflecting a stable performance despite operational challenges in 2024. The company reported an Adjusted EBITDA of $224 million and earnings from mining operations before depletion, amortization, and non-recurring items of $244 million for the full year. Despite a net loss of $13 million, or $0.05 loss per share, the adjusted net income stood at $57 million, or $0.19 per share.
The Gibraltar Mine, fully acquired by Taseko in March 2024, produced 106 million pounds of copper, aligning with revised production guidance. The annual production was affected by scheduled downtime and an 18-day labor strike, reducing output by approximately 15 million pounds. Total (EPA:TTEF) operating costs (C1) were reported at US$2.66 per pound of copper produced.
Looking ahead to 2025, Taseko anticipates copper production to increase to 120 to 130 million pounds, with the restart of the SX/EW plant at Gibraltar adding to the capacity. However, production is expected to be higher in the latter half of the year due to lower grade ore stockpiles being used in the first quarter.
The company’s Florence Copper project is progressing on schedule, with over 60% completion by the end of January. Construction of the SX/EW plant and drilling of production wells are underway, with first copper production targeted for the end of 2025.
Taseko’s financial position remains strong, with a year-end cash balance of $173 million and available liquidity of approximately $331 million, including an undrawn credit facility. The company has also secured copper price protection at a minimum price of US$4.00 per pound for all of 2025.
President and CEO Stuart McDonald expressed optimism for the upcoming year, citing the anticipated first copper production at Florence Copper as a significant milestone that will dramatically improve the company’s outlook.
The press release statement also highlighted the long-term growth opportunity represented by the Yellowhead project, with Taseko advancing project permitting and preparing to publish a new technical report incorporating updated costs and metal prices, as well as new Canadian tax credits for copper mine development.
The information in this article is based on a press release statement from Taseko Mines Limited.
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